Institutional Shareholder Services ("ISS") has published its ISS Benchmark Policy Changes for 2025 (the "Policy"), following consultation on the proposed updates to its 2024 proxy voting guidelines. We set out the key proposed changes in our blog post at the time of the consultation, which can be accessed here, all of which have been adopted in the final Policy.
In brief, many of the updates align with the Investment Association's ("IA") updated 2025 Principles of Remuneration but there remains some deviation, notably in the guidance on dilution limits (whereas ISS recommends retaining the current 5% in 10 years dilution limit for discretionary share plans, the IA has removed this lower limit for discretionary plans in favour of a single 10% in 10 years limit for all share plans).
These new proxy voting guidelines will come into effect for meetings on and after 1 February 2025.
Key contacts
Paul Ellerman
Partner, London
Mark Ife
Partner, London
Niall Crean
Of Counsel, London
Chris White
Senior Associate, London
Ali Bunge
Associate (New Zealand), London
Alanna Gardella
Associate, London
Disclaimer
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